Posted: May 24, 2012 10:49 PM
WASHINGTON, DC - The Senate has rejected Democratic and Republican plans for averting a doubling of interest rates on federal college loans for 7.4 million students.
The election-season standoff means efforts to resolve the dispute will be delayed until next month. Beginning July 1, interest rates for subsidized Stafford loans for undergraduates would double to 6.8 percent without congressional action.
Preventing that increase has been a priority for President Barack Obama.
Senators voted 62-34 against the GOP proposal and 51-43 for the Democratic bill on Thursday, with each falling well-shy of the 60 votes needed for approval of the $6 billion measures.
The Republican measure was paid for by eliminating a preventive health program created by Obama. Democrats would boost payroll taxes on owners of some private companies.
Click here to submit a news tip to us!
Become a Facebook Fan!
Help those in need this holiday season
Win! Win! Win!
Wise Local Marketing!
Get news, weather and more on your smartphone and tablet!
Get texts for news, traffic, deals and more!
Sign up on KVOA.com for newsletters, exclusive deals, and more!
What's happening on News 4 @ 4
Stories and videos with Kristi's Kids
Check out the latest events FC Tucson has scheduled.
Let us help grow your business
Digital Channel 4.2
What's on KVOA and when!
Contact info for our department heads
KVOA's on air personalities!
Work at News 4 Tucson
Complete feeds of all KVOA.com stories
FCC Public File of Records, Reports, and More